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Business News/ Markets / Stock Markets/  TCS announces its second interim dividend of 9 per share; here are details of ex-dividend, record, payment dates
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TCS announces its second interim dividend of ₹9 per share; here are details of ex-dividend, record, payment dates

IT giant TCS has declared an interim dividend of ₹9 per share, which is 900% above the face value, for fiscal year 2023. The dividend will be paid on November 7, 2023.

TCS' Premium
TCS'

The board of directors of Tata Consultancy Services Ltd (TCS), announced its second interim dividend of 9 per equity share of 1 each post financial results on October 11, 2023, rewarding its shareholders. TCS post its first quarter results in July had announced a similar interim dividend of 9 per equity share of 1 each.

 

The second interim dividend shall be paid on Tuesday, November 7, 2023, to the equity shareholders of the Company, whose names appear on the Register of Members of the Company or in the records of the Depositories as beneficial owners of the shares as on Thursday, October 19, 2023, which is the Record Date fixed for the purpose.

 

The focus of investors had remained more on buy back and divided amongst others, apart from apart from financial performance during Q2 and post result commentary. The company did not disappoint announcing a buyback at 4150 a share as well as an interim dividend of 9.

 

The last trading price of TCS shares was 3609 on the Bombay Stock Exchange on Wednesday. Notably, the shares of TCS had scaled 52 week highs of 3680 on October 10, 2023 on the BSE in anticipation of Bonus and Dividend.

Also Read-TCS to consider share buyback on 11 October

The stock markets experts say that as concerns remain high on IT companies performance amidst global slowdown concerns. The result expectations from TCS also remained moderate amidst persisting weakness in discretionary spending across several verticals. Although the quarter saw huge deal wins by TCS, its reflection in the profitability of the company will be delayed and hence the company’s move to reward investors with dividends and buybacks is a strategic move to bring confidence among TCS shareholders. The Buyback instigates confidence in the company’s future outlook, while dividend is to reward shareholders.

Also Read - TCS Q2 Results Live Updates: Net profit rises 8.7% to 11,342 crore; board approves dividend, buyback of shares

TCS reported a net profit of   11,342 crore in the September quarter, registering a growth of 8.7 per cent, compared to 10,431 crore in the corresponding period last year. Sequentially, the consolidated net profit was up 2.4 per cent as the IT major reported a profit of 11,074 crore in the perceding June quarter.

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ABOUT THE AUTHOR
Ujjval Jauhari
Ujjval Jauhari is a deputy editor at Mint, with over a decade of experience in newspapers and digital news platforms. He is skilled in storytelling, reporting, analysing and writing about stocks, investment ideas, markets, corporates and more. He is based in New Delhi.
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Published: 11 Oct 2023, 05:37 PM IST
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